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friend, he and i have been together and political offices, a government responsibility for a very long time. more than three years. when he decided not to run again and my other colleague who was part of team north dakota was defeated, it was less rewarding for me personally to be here. less enjoyable for me to be here. i am sure that played a role. >> in your speech yesterday, you used the expression of the senate we efforts right yesterday, as the world's greatest deliberative body. do you think the public shares that perception? >> probably not. [laughter] we're efficient at producing results. -- deficient at producing results. what i also said yesterday was a there are problems here. the problems i believe are very clear is that we spend too much time trying to seek political advantage, too little time focused on solving the country's problems. i am sure that had a role in my decision as well. i really came here wanting to do big things. wanted to work on solving problems. there is been much less an emphasis on that lately and much more of an emphasis on how you get over on the oth
of sunnis staged mass protests against the shi-ite-led government. there were rallies in fallujah and ramadi, where protests already had erupted earlier this week. today, mosul, tikrit and samarra had demonstrations as well. protesters took to the streets waving flags and signs. they chanted slogans demanding fair treatment from the baghdad regime, and the release of sunni prisoners. shi-ite prime minister nouri al-maliki said the demonstrations were not acceptable. the government of china imposed tighter controls on internet usage today. now, china's 500 million web users will have to provide their real names when they register for internet service. and providers must delete any web content deemed illegal, and report it to authorities. leading writers and bloggers insisted it's a new way for china's communist leaders to censor their critics. >> ( translated ): since the internet came into china, the chinese government has been repeatedly imposing restrictive measures, such as shielding, blocking and banning. it has even spent billions of dollars to build a firewall against overseas sites.
we are going to have to get eight bigger truck. that's what the government is trying to do. borrow the way out of debt. it is impossible . it never worked in the history of the world . dr. art's curve works every single time. >> we are up against the end of the show. we have kelly wright and healther childers. play us out in the new year or satted afternoon with your song all of the gold in california . thank you for watching and here is it larry gatlin. >> never was appropriate. ♪ all the gold in california. ♪ is in a bank in the middle of beverly hills in somebody else's name. >> a fox news alert. senate leaders now holding crucial fiscal cliff talks on capitol hill rushing to come up with a last ditch agreement to avoid deep spending cuts and year end tax hikes affecting the lives of every american, i'm kelly wright. >> i'm heather childers in for jamie colby. the 11th he hour scramble after a crucial meeting on friday, between president obama and the leaders of the house and senate and urged lawmakers to urge them to do whatever it takes to cut a deal. >> i'm modestly opti
back to the mid-1950s has ever cut government spending. we continued to add spending every year, both parties guilty. why should that change? why should anyone watching us right now believe anybody in washington's going to be fiscally responsible? >> adam, it's the right question, and that's dwr i said a minute ago, we need a big deal. if it's a smaller deal, remember, we got to go to the debt ceiling discussion and some of the other trigger points and make sure we get the savings and the entitlement reform and the things we need to get this deficit and debt under control. it's about getting the economy on track and also getting the deficit under control. adam: you are a moderate, highly popular in the state of north dakota, and you have compromised with both sides on these issues, but the vast majority of the public looks at congress, all of you, the house of representatives and the senate looking at you guys with disgust. is that coming across in the halls of the capitol? do the people there understand what the people out here, the 310 million of us consider when we think about the
that is so bloated? why is that so radical? >> they are trying to secede from the u.s. government. >> get out of here. don't be so intellectually dishonest. get out of here. >> okay. >> i always have this test. if you are staying in a hotel and you have to share a bathroom with somebody who would you rather a tea party supporter or occupy wall streeter? >> i would need a raid pretension tent. >> bill will be back on january 2 for the start of the factor new season. please remember the spin stops here because we're looking out captioned by closed capt services, inc. >> sean: and this is a fox news alert. earlier today in a pathetic last minute effort to avoid the nation falling off the fiscal cliff president arnold palmer took a mini break from the golf schedule to summon congressional leaders to the white house. a last minute mini deal could be struck before the end of the year that would preserve tax cuts for the middle class and preserve unemployment benefits. the president raced to the microphones and said the following after this meeting. watch. >> i just had a good and constr
don't want toyite yait a government? why is that so radical? >> they're coming up with crazy ideas every day. >> please, get out of here. get out of here. >> yes. okay. >> i have this test if you're like staying in a hotel and have to share a bathroom who would it be? a tea party supporter or occupy wall streeter? >> i would say tea party. >> if i had occupy, boy need a rape prevention kit. there are tons of raid cals and idiots as i call them. >> thanks for watching tonight. i'm greg gut feld. bill will be back for the start of the factor's new season january 2. please remember, the spin stops here because we're looking out for you. captioned by closed capt services, inc. >> sean: and this is a fox news alert. earlier today in a pathetic last minute effort to avoid the nation falling off the fiscal cliff president arnold palmer took a mini break from the golf schedule to summon congressional leaders to the white house. a last minute mini deal could be struck before the end of the year that would preserve tax cuts for the middle class and preserve unemployment benefits. the preside
of government. frankly nothing but a pathetic disgrace. you the american people deserve a government that lives within its means. you deserve a government that is not obsessed with using your money to accumulate their power. it is time for americans to understand the simple truth of what is going on here. a truth by the way that an abusively biased news media just ignores. joining us now with reaction as america is on the brink republican senators pat toomey and ron johnson. senators, welcome back. >> hi, sean. >> hi, sean. >> sean: let's start with the meeting today. senator toomey, i'm told that the president wassed adamant n the meeting and didn't come off, are the original request was to keep tax rates at the same for the middle class but everybody above $250,000 going up. is that what you heard? >> i haven't heard about specific elements of the conversation, sean, i wasn't in the room. what i do understand from people who were there is that is sounds for the first time like the president is actually engaged and actually would prefer that we not go over the cliff. clear previously.en leer
point for them. they say with the debt ceiling they can extract more government spending cuts, so that's a fight that will live to see another day. so they are close and, in fact, reached an agreement on these tax portions here. it's just those automatic spending cuts democrats and the white house want to delay those cuts or offset those costs for a few months or possibly a year. republicans say we're fine with delaying those cuts, you just have to come up with other government spending consistents to offset the cost of pushing back those cuts. david: we're just getting late-breaking news from roll call, the president saying eventually he's going to be asking for each more taxes going up. what's the latest on this? >> reporter: i just heard of that as you reported it to me, david, but it's basically consistent with what the president wants when you talk about just this particular revenue portion. what you would get from raising taxes on individuals making $400,000 a year isn't all that close to what the white house wants, the more than $1.5 trillion over tax increases over the next dec
a denunciation of big government liberalism or big government programs. you can see his anti-communism is evolving, his cultural view is evolving. he has not yet gained or acquired the tax-cut philosophy which fit so nicely into his optimistic outlook of empowering individuals to determine their own lives. >> saturday night at 8:00 eastern, craig shirley on the political campaigns of ronald reagan, part of four days of american history tv, right through new year's day, on c- span3. >> you think of washington before the civil war. you think slavery was well entrenched. black people were miserable. that is not true at all. in washington, washington had about 30,000 people as a city. 12,000 of them were black. the majority free, no slaves. >> what led to the first race riots? jefferson morley recounts what happened, part of what today's through new year's day on c- span2's book tv. >> "washington journal" continues. host: damian paletta join us here at the table. thank you for joining us. this is the fourth time that congress has had a post- christmas lame duck session. what doe
the government can just let people build and build and build without some sort. of sort host: thank you. guest: you make a good point, but urban development in florida occupies 10% of the state. most of the -- most of the everglades is protected by state parks. if people want to protect more land, they could buy land and put it under conservation easily, but there is plenty of land available sphere without impacting the everglades in the awkward first. to say that we should confine people to 10% of the state, when you have one of the 3 or four most heavily populated states, means you are seeing newcomers are not welcome, existing renters can not buy houses, our children cannot buy houses. that is not the american dream, to stand in the way of our future. host: the book is entitled "american nightmare -- how government undermines the dream of homeownership. this is from drake cinders -- what land use restrictions would you approve of? guest: a buy support local homeowners imposing their own -- i would support local homeowners' imposing their own restrictions. this is how it works in houston, w
people, human rights and most importantly deserved democratic governance. shea stoked the flames in a peaceful way for a lasting change even among those already in a position of power. her efforts have helped lead us to where we are today. there has been a lot of advancement and debate in burma over the last two years and we must recognize and give thanks to all those who had the courage to lead and support the changes in burma including those in the present government. we also must honor and remember those who made the great sacrifices, imprisonments, lives lost, to get to where we are today. too many paid too high a price in the effort to bring about freedom and democratic governance in burma. it is with those people in mind, those who have sacrificed so much, to acknowledge the work that is not done yet. we must insure that the momentum and folds into sustained progress, into a permanent freedom and democracy. as much as i would like to believe that change that has occurred is irreversible, as much as i would like to revel in wind optimism and believe the battle for freedom wa
local government control. in the spirit of cooperation among members, -- members of both party the house-passed version of h.r. 6364 would have protected the d.c. war memorial and h.r. 6364 is amended -- as amended by the senate similarly will have no effect on the d.c. war memorial. in fact all the provisions regarding memorials have been removed from the bill. instead it establishes a commission to observe world war i across the country as we approach the centennial of the start of the war. i emphasize that the commission approach means that the reason this has been done reflects on nothing more than the fact that the commission approach -- approached two important commemorations almost always has been the -- the commission has been the approach. the usual approach, almost always, to important commemorations, and world war i had enormous effects on those who fought, on the nation, and on the world. more than four million member and -- men and women from the united states served in uniform in world war i. among them two future presidents, harry s. truman and dwight w.ize -- and dwight d
government spending went down was 1954 and people are fed up. stuart: it's possible at some point in the future, you can get elected to public office in america saying i'm going to cut that because we can't afford it. but it's a long way off, i suspect, really a long way off. scott, i'm terribly sorry, i'm out of time. got to get to the stock market opening in a couple of seconds. happy new year. >> and to you. stuart: thank you. the clock is ticking and no matter the outcome of the debacle, republicans will get at least some the blame. we'll cover that in detail and we'll have the opening belfour you next. >> there is one issue that dominates stock market trading, cold trading, oil trading, you name it, all kinds of trading, one issue and one issue only, that's the fiscal cliff. you can spend a lot of sound bite trading. anybody in any authorities says anything about the likelihood or otherwise of a fiscal cliff deal you will see the market react. it happened earlier this morning. there was a report that maybe these talks between mitch mcconnell and vice-president biden were mak
of these talks, whether it was about government shutdown in the spring of 2011 or the debt limit debate in the summer of 2011 or the payroll tax-cut debate last year, those negotiations started at a level between the president and speaker but always broke down at that level and that pushed to the senate where harry reid and mitch mcconnell had to figure something out and get enough votes for it so they could give some cover to the house republicans, who were joined by a large majority of house democrats to get something done. the idea that we have come to this state is not necessarily surprising. that it has taken us so long to get there has probably frustrated everyone who wanted to take a holiday break. if mitch mcconnell wants to play ball, and i think there's a role for him to do so. when you speak with aids from his office, they say we will get involved, but we would like to see some good faith offer from the majority leader. aides from his office. right now that process has not happened. as for for action today in the senate, it's not going to be anything where they reached the fi
-span would have more programs dealing with all of the options that could lessen the burden on the government and the taxpayer for the medical costs. i believe that in medicare buy- in -- i have 10 years left to go until medicare. i pay $620 a month for my health care. that is a lot of money. i would give that to the government and would usn't use t $100 or $200 a year. host: that is an important issue. we will focus more as the affordable care act t kicks in. for the suggestion -- thank you for the suggestion. the deficit is close to $16.4 trillion. this is part of the debate we will see at the start of the new congress. the so-called fiscal cliff was coined by ben bernanke. the story from "roll call." "it could be reached over this weekend." were heard from the house rules committee chairman yesterday. they are taking steps in advance to extend these tax cuts. a deal could be on the floor today if there is an agreement. from "the washington times" this morning. "offers fly, but still no agreement" is the headline. mitch mcconnell bypassed senator reid to speak directly to the vice president
. let me start with this. i have a message for the tea party members everywhere, destroying government is not good politics. you are engaged in negative politics. you are acting against the majority rule right now. you are trying to bring down the majority government by obstruction. people will remember. whot won tax relief. people who believe in government will remember. the people who believe in national defense and social security and medicare will remember. they will know which party is trying to destroy working democracy in order to pursue its political ends. they will know who listens to the voter, who respects the voter, and who thumbs his nose at the voter and that ladies and gentlemen of the tea party right is you. we go over this cliff and you will not have to ask for whom the bell tolls, it willing tolling for you. leading off tonight josh green and chris frats of national journal. you don't have to be as clear as i, but try, gentlemen, tonight. it looks to me like one party, guns again it's asymmetric. both parties are not screwing around, one is. is that true? >> i think b
at this moment is not in effect. the french government and francois hollande says, it won't make any difference. we'll rewrite the law using new wording and we'll catch more people in the 75% tax rate net. heather: stuart varney, i know you have a lot of work to do today. it is a busy day financially. thank you. >> thank you. gregg: what will it mean if lawmakers fail to strike a deal? according to the tax policy center 90% of the americans would see a tax hike in 2013. 121 million people will be paying a whole lot more in payroll taxs. those are social security payroll taxs. families making between 40 and $65,000 a year will have to pay an extra two grand to the u.s. government. the more you make, boy, that number really accelerates. heather? heather: another devastating blow in the fiscal cliff crisis, this mess, will be to the military. $500 billion slashed from the pentagon budget that is raising serious concerns about our national security. chairman of the house armed services committee, california congressman, bruce mckeown will weigh in on the impact these cuts will v that is live in our
] to listen to your -- [inaudible] and translate your views to the hard work of government. your meeting today will be young people ato -- the opportunity to debate issues that -- [inaudible] it's a big thing. i wish you the latest -- [inaudible] i look forward to hearing your debates. thank you. [applause] >> thank you for reading that. that is a delight to have the prime minister's support. i now call to say some words to us, the leader of the house of commons. mr. andrew. [applause] >> thank you, mr. speaker. [applause] thank you, mr. speaker. members of the you'll parking lotment, i'm debated to -- that righted to welcome you for the fourth annual sitting. the sitting have become an accomplished part of the parking parliament calendar. -- they have become so well established. and leader of the house, i am the representative of the government to this house of commons. and of the house of commons to the government. but today i am pleased to be able to be here to representative both the government and the house with you the youth parliament. i know, what is said here today will be heard both
. and then came this moment. november 9th, big debate, here he is trying to remember the three government agencies he wants to get rid of. let's watch. >> and i will tell you, it's three agencies of government when i get there that are gone. commerce, education and the -- what's the third one there? let's see. >> five. >> oh, five. okay, commerce, education and the, um, um -- >> epa? >> epa. there you go. >> seriously, is epa the one you're talking about? >> no, sir, no, sir. we're talking about the, um, agencies of government. epa needs to be rebuilt. >> but you can't name the third one? >> the third agency of government, i would do away with education, the commerce, and let's see. i can't. the third one, i can't. sorry. oops. >> he must have had a whole lot of help. >> you can't bring notes with you, they start scribbling the notes. >> up next, the right wing's most outrageous conspiracy theories are m coing up. this is "hardball," the place for politics. [ male announcer ] what are happy kids made of? bikes and balloons, wholesome noodles on spoons. a kite, a breeze, a dunk of grilled cheese. c
. the government is too big and in effective we could take most of the money by decreasing spending. the 11th hour and there are a lot of people who shouldn't be having tax increases if we don't reach a compromise. so those are two different questions and i'm not about to give up the $1.2 trillion. we haven't cut a penny yet. so, that is not something i'm willing to give up. that is the thing. let start there. your book, your work, your speeches, you have identified hundreds and hundreds of billions of dollars of waste that the government doesn't need and the country doesn't need and it seems to evaporate. and from what i gather, the debate right now is whether to put off the spending cuts, it is always maniana when it come to spending, sir. and you no as well as i do, taxing the successful earners is not going to solve our problem. >> there is one bright side. if this bill happens, 95% of americans are going to have rates locked in. they are going to have some sernl ti for the future and that is one of the big things that is keeping us from growing now. they don't see the feature. is it a perfect
bit of fear into these people. it just shows the control the wealthy have over the government in both parties. host: more from "the washington post." they write -- back to the telephones. derrick from maryland on the line for democrats. your thoughts about the fiscal clause bill. caller: i think they will do a good deal if they can keep mitch mcconnell out of there. one of the things i really have a problem with, that is when thing i say democrats, let's get the ground game for 2014. republicansd of the at enter the house. let's take the house and just ran it all down their throats. host: we will move onto glen on the line for independents. caller: here is the problem that we have a. we have people that are working hard for the american people. we have a constitution. we have deviated from the constitution. host: who are the people working hard for the american people? caller: the american citizens. it takes two american citizens -- your mother and father have to be american citizens to be the president of the united states. we need to have a confirmation hearing. on the birth certifi
smaller increases to social security over time, why it would be a saving to the government. whether you like that or not it is actually not a terrible idea even though i'm going to get another bunch of tweets from people who said it is not terrible, may not be ideal. why are we having this conversation with a day and a half to go? 500-some-odd days ago they came one this concept of a sequester. they knew the fiscal cliff was coming. 12 years' notice we had these bush tax cuts were going to expire. these kind of discussions require air they require time they require debate and we are now having them. when john thune says he hopes that senator reid brings a bill to the floor and it is open to discussion and amendment, not today. not today. it's too late for that. make a deal and stop markets from going over the edge, stop this economy from going over the edge. they will ruin a good economy, martin this is ridiculous, irresponsible, disgusting behavior. >> you don't want to hear this kind of detailed conversation going on now? >> no. no. >> you want to get a deal done? >> forget t no more
can move forward? >> well, first of all, we have to be able to govern. we have to have an adult conversation, getting people in the room who actually want to solve this problem. and i think it's very important to step back and see the fact that we have already -- there are three parts of this deficit reduction stool. we've already in the past two years passed $1.6 trillion in spending cuts. we've passed over $700 billion in savings in medicare through reforms like cutting back on overpayments to insurance companies. the one piece of this puzzle that we've not been able to get any support for is making sure that the wealthiest among us help solve this problem by being willing to pay a little bit more to be part of the solution. so we have sent a bill to the house back in july, bipartisan bill that says what -- everybody says they don't want middle-class families to have their taxes go up, well, fine. why don't we start with something we can agree on, which is that? and just pass that. why doesn't the house just pass that? but as we know, the speaker couldn't even pass his own pla
't he accepting it ne fuel? >> it would cause drawing up laws to govern what the pressure should do. this really was a question of the heart of all of this. how could you make sure that everybody was involvinged incluesing publishers that aren't to do so without the piece of legislation that would amount enemies of the system sucting to licensing. the law had to change. talks use similar language that would simply recognize an independent regulator in raw. this debate went for months and months and months. they were joined. it would billion far more something more owneress. that's what david cameron was addressing in some of of his concerns. how did it feel? >> we saw something rather by zard there. we heard from the two men, the prime minister and the deputy frimse. there were -- separation. one of those two men thinks new law is skential and the other not is not. >> in the backgrounds for a moment, you've got the last few months. will continue to cross party talks. but simultaneously you also god the crime city. try now that new regulator could be brought in into this new law if i
thing the next government needs to do is actually nothing. if it does nothing, if it doesn't reverse the reforms -- >> what's interesting is what berlusconi is campaigning on is austerity. he's running on an ant anti-austerity pro eu package. while it's untenable, it does have a certain amount of certainly backtracking the fiscal returns for them. >> exactly. this property tax, i think that's a cause for concern. if you were to repeal that, the fiscal position on would be unsustainable and he would have to raise taxes elsewhere to make up for that. that would be some messy negotiations with him on a european level. markets would be very concerned already heading into the elections. the more noise we hear, the higher italian borrowing costs would be and if italian borrowing costs rise, one of the very important parameters which led to this drop in debt to gdp over these 15 years heading into the crisis would not be fulfilled any more and italy's position would be unsustainable because of all that noise. >> it sounds like a catalyst should this fall into place in 2013. that still remai
geithner. it could delay the tax filings. the government relies on august revenue to come in and it usually comes flooding in during march and april. people need to pay their taxes, but they don't know which tax rules will apply. host: the other deadline is the debt limit. here at $16.4 trillion. guest: >> the treasury department can stop funding federal pensions and do some other maneuvers, essentially to buy them another six weeks of time. we all at this last year. closer they get to that is when financial markets will start going crazy. the debates we are having now about tax and spending will likely be the same debates we are having six weeks from now. host: there's the u.s. debt clock. you can also see how much that is for individuals and what protection is moving ahead. our guest is damian paletta of the wall street journal. the covers finances and congress and the white house. his work is available online. from the senate floor yesterday, these comments by the senate democratic leader harry reid. [video clip] >> the speakership all members of the house back to washington today. he sh
are again here like we were for the debt ceiling, like we were for the government shutdown. it is ridiculous that we are here because we want to be having a big discussion. we have all the facts in front of us. we know that there are people like you kwhof a position on taxes. we know there are others who have positions on other things. and our democracy is supposed to allow us to somehow come to together, to convene, to deliberate and to evolve some sort of a compromise. what response -- what responsibility do you think conservative republicans who have signed this pledge to grover norquist bear for us getting to where we are today? >> well, actually, let me defend grover for a second. >> sure. >> he actually has signed on to some kind of a deal. we're in a situation that if nothing happens taxes go up on everyone. so -- and then a guy like me doesn't want to see that happen obviously. look, i want to make one other point. even if we go over the so-called cliff, and i think cliff is a bad metaphor here, really kind of a slope. it's not like the world's going to come to an end january 1st or
shrinking the government, making the government do less are actually good things. >> right, i don't think there's any question about that. we know there's an element of the republican party, ron paul, rand paul being the most visible, who think the less government does, the better. now, in that vain, i've been struck. david wasserman at the "cook political report" crunched the numbers on this, that there are 234 house republicans. 15 of them, 15 represent districts that president obama carried in 2012. given that, and we were talking with kelly about the fact that this has to come through the house at some point, that republicans still control. is there any reason for, politically speaking -- >> absolutely, right. >> -- not good of the country speaking, but politically speaking, is there any reason for these guys to make a deal given that for 215 of them, the constituency they represent are mitt romney's? >> i think this is the problem. where most people follow a presidential election and don't realize what happens in each of the districts. what republicans have done a very good job of in
a dramatic decline in their payments from the government, and certainly, that we're not going to do the sequester. we cannot tolerate, ordinary people can't tolerate these kinds of cuts in programs. >> absolutely. congresswoman jan schakowsky, thank you so very much. >> thank you. >> remember to answer tonight's question there at the bottom of the screen and share your thoughts on twitter @edshow and on facebook. i want to know what you think. >>> coming up, this congress is on track to be the worst congress ever. that's right. "the huffington post" amanda turco and robert reich will join me. my wife takes centrum silver. i've been on the fence about it. then i read an article about a study that looked at the long term health benefits of taking multivitamins. they used centrum silver for the study... so i guess my wife was right. [ male announcer ] centrum. always your most complete. of green giant vegetables it's easy to eat like a giant... ♪ and feel like a green giant. ♪ ho ho ho ♪ green giant >>> coming up, more on tonight's breaking news of the fiscal cliff with former la
't have a dramatic decline in their payments from the government, and certainly, that we're not going to do the sequester. we cannot tolerate, ordinary people can't tolerate these kinds of cuts in programs. >> absolutely. congresswoman jan schakowsky, thank you so very much. >> thank you. >> remember to answer tonight's question there at the bottom of the screen and share your thoughts on twitter @edshow and on facebook. i want to know what you think. >>> coming up, this congress is on track to be the worst congress ever. that's right. "the huffington post" amanda turco and robert reich will join me. >>> coming up, more on tonight's breaking news of the fiscal cliff with former labor secretary, robert reich, and amanda turco of "the huffington post." >>> then, chicago reaches the tragic milestone of 500 homicides in 2012. reverend jesse jackson will join me to discuss curbing gun violence in our cities. we'll be right back. >>> so the american people are watching what we do here. obviously, their patience is already thinning. this is deja vu all over again. america wonders why it is t
our government is trying to do with the bickering and tearing each other down, tearing the country down. why in the world can these supposedly intelligent groups of men and women not get together to work out for the best interest of all concerned, all 330 billion americans, what is the best course to take? just take it. none of this squabbling. get together, folks. let's have some harmony in warrington. that is what we need. we need more on selfishness. a lot less ulterior motives. no more 2000 page bills that no one can understand. we do not need more of that crap in washington. we need some representation. get your act together. >> we are going next to minneapolis, minnesota. john, welcome. >> all of this gridlock going on right now, what is clearly evident to me is that the republican party has pure interests in mind. they're willing to touch medicare and social security, but not their own salaries, no steps against their own party to take the needs of the american people. how can you act together with a party that works purely for their own interests. my question is -- what can
to the president's desk. tracy: click and expedient. lori: the efficiency. tracy: u.s. government set to hit the legal borrowing limit on monday. 16.$4 trillion federal debt limit beginning to come down and toch congress passes legislation or defaults. treasury secretary tim traders said the treasury would begin to undertake "extraordinary measures to stave off default quote that could $3,200,000,000,000 of additional funding which would give them two more months this is creative accounting. we have many. lori: the overspending is the understatement. the bond yield is lower investors are thinking this is the safest bet stocks are falling the dow was off 100 points europe is a mess in china slows down the global economy in dire straits and we cannot stop spending there is no message in interest rates are rising as they should to prepare for another downgrade which is very concerning talking about the economic data data, consumer confidence falls over fiscal cliff uncertainty and warning the government is set to hit the legal borrowing limit by a monday. we have bill rodgers from rutgers unive
equipment and furnishings, her insurance denied her claim a she got no lp from the government. take a look at ths. they got her back in the business. it pretty awesome, right? the party of procrastination can take a lesson from the small-business oer in staten island, w york. congress has nothing to show for itself after two years. coming up next, how the massive gains in the fiscal cliff could impact your 401k and the economy. stay with us gerri: you make it, they take it. 23.8% is the raise that policymakers will see on capital gains. chris edwards joins me now. he is director for tax policy studies at the cato institute. i would like to show people what we're talking about. he gets confusing for people. we have a current tax rate, 15%. on january 1, the capital gains tax ra will jump to 23.8%. i talked to a lot of my frien and they say that's not a big dumb. what you say? >> it is a big jump. if you add state taxes on top of that, the united states will be up to 20%. our major trading partners, britain and europe and canada -- they are oly 16%. so there is a very good reason why just ab
communications are looked at by the government. people want amendments. unfortunately congress once again is acting at the last minute trying to renew something about to expire and there is probably not the time to do revisions that are necessary. that's a problem here. harris: because critics want this to be revised as you just put it. the white house doesn't. it wants it to pass the way it is. a lot of people are in favor of it because it is helping to keep us safe since there is homegrown terror in the united states and we need to find it. i want to if which have the words put it up on the screen. kentucky senator rand paul had this to say on the senate floor yesterday. and what he was basically saying is that this interferes and disputes the power of the fourth amendment. and that it needs to be changed. again, dan, you say we may not see any changes to it because the deadline is tuesday? >> it is really important to note that even the supporters of renewing acknowledge there needs to be reform. there needs to be more oversight. we need to know more how the fisa court works. we want m
" to postpone a government default. the government is on track to hit its borrowing limit on monday, he said with no prospect of congressional action to raise the limit. here now to help us unravel what's going on is todd zwillich. he's washington correspondent for "the takeaway" on public radio international. todd, welcome back. decode this for us. are the players privately as bleak about the prospects as their public statement suggests? >> not as bleak, margaret, but bleaker than they were even a week ago and that's not terribly encouraging. the president as you reported is flying back to washington last night and some members of congress are coming back earlier than others. there will be some meetings here, there have to be some meetings between the principals and the president. there are a couple of options in the last couple of days even though it seems like five days is terribly, terribly short. there shall bills floating out there to keep tax rates where they're at for people making $250,000 and below. that could slide around. there's a senate bill that floats around. there's the pres
, to pay for more government spending that doesn't help us with the deficit. and you hear members of congress, your republican colleagues who say, in my district, they don't want more spending. and that's how they see this money being spent. >> two things i would say. first of all, that is not the democratic position. no one that i know of is arguing that all of the increased revenue should go for increased spending nap simply isn't the case. by the way not having the sequester doesn't mean increased spending. it mean not having spending cuts. i voted against the idea of a sequester. i think it's not right way to do it. what the republicans want to do is spend more on defense. let me deal with this notion that republicans for cutting spending. you heard mitt romney criticize president obama because he's not spending enough on ships, which we don't need, and not staying long enough in the war zones. the republicans' view of spending is very particular one. secondly, as far as the american people are concerned, people in their districts, gee, if they represent districts in new jerse
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